Coincover has onboarded VirgoCX and Netcoins to its RegTech platform for crypto trading platforms as regulatory compliance becomes increasingly critical for the long-term prosperity of these businesses in Canada.
With Canadian regulatory authorities tightening the rules for crypto companies, the blockchain protection company will help VirgoCX and Netcoins to provide the best-in-class security for customer assets.
“Reputations are needlessly ruined by instances of loss or theft”
VirgoCX and Netcoins will leverage Coincover’s protection technology designed specifically for the crypto market so that their customers are protected against both malicious activity and the loss of cryptocurrency, meaning users are safe from hackers and human error. Coincover provides a complete defence.
With the Canadian Securities Administrator recommending crypto-asset companies protect customers against losing assets due to cyber and crime threats, Coincover’s risk management platform will enable VirgoCX and Netcoins to exceed these requirements and set their own standard of protection.
Digby Try, SVP Commercial at Coincover, commented: “Beyond the financial impact, reputations are needlessly ruined by instances of loss or theft, which damages confidence in the market. This is particularly the case in Canada, which is home to a burgeoning crypto industry but where security remains a paramount concern for users. Our cutting-edge risk protection ensures that, even in the event of a breach, your exchange can maintain trust and confidence with its customers. Having VirgoCX and Netcoins on board represents another major milestone in our mission of enabling crypto users to thrive and live safely in a blockchain enabled world.”
Fraser Matthews, CEO at Netcoins, said: “There is a significant amount of interest in cryptocurrency in Canada; as interest grows, so do the challenges, particularly around safety and security. Coincover’s solutions provide a game-changer in keeping crypto safe, ensuring we can access our clients’ assets even if the worst does happen. This extra layer of protection increases the resiliency of our business, significantly reduces the risk for users and helps attract high-value customers to our platform.”
Steve Bie, Chief Compliance Officer at VirgoCX, stated: “We’re thrilled to be working with Coincover to offer our clients that added reassurance surrounding their digital assets. Our partnership ensures protection from business theft that will safeguard users from hacking and other forms of cybercrime in a crisis. As crypto becomes more embedded into our financial ecosystem, it is vital that users feel their funds are as safe as they are in fiat institutions.”
